A £25m bid for Government money to help create 1,800 new jobs over the next two years has been put forward by the Sheffield City Region Local Enterprise Partnership.
The organisation wants the money to top up a fund that gives grants to businesses who need financial help with their plans to grow and want to take on more staff.
The LEP has asked for money from the Government’s £2.6bn Regional Growth Fund which aims to match investment by businesses to help create jobs, particularly in areas previously dominated by the public sector.
LEP board member David Grey, group managing director of OSL Holdings, said: “We were delighted by the scale of response from the city region’s businesses in the last round of the scheme.
“We were oversubscribed by £51m – which means we had applications for over three times our total budget.
“The success of our last round of RGF funding means that we already have around £20m of first-rate projects ‘waiting in the wings’.
“It demonstrates pent up demand in our region. This RGF funding is allowing businesses to accelerate their investment plans. The cty region is made up of 50,000 SMEs so we have some way to go before we run out of opportunities.
“I hope the Government grasps this opportunity with both hands so we can give these business plans the support they need.”
The first round of the Partnership’s ‘Unlocking Business Investment’ programme is currently supporting 65 different projects.
If the Government agrees to the extra £25m injection, the money will be focused on helping businesses working in the modern manufacturing and technology sectors.